FTSEurofirst 300 index closed sharply lower and down by 1.2 % at 1,179.40 points last Tuesday. BoJ continued to disappoint even outside Japan. "The BOJ is sending the message that at the end of the day it's a central bank and will not pander to the markets too much," stated Visnu Varathan, one of Mizuho Corporate Bank's Market Economist.

Basic resources in Europe were the worst performing sector last Tuesday, which followed after an equally disappointing data from China during the previous weekend. Glencore Xstrata also fell by more than 4%, as news came out about investigations being conducted between Glencore and its plant in Portovesme.

In Switzerland, both UBS and Credit Suisse traded more than 1 percent lower last Tuesday. It was a result of an unresolved debate on the long-running tax dispute ,after its parliament resolved to delay the debate about the deal, until sufficient facts on its effect on Swiss banks has duly consolidated.